One World View Article Is Titled "Dollar's Fall Puts Big

question 53

Multiple Choice

One World View article is titled "Dollar's Fall Puts Big Crimp in European Tourism." When the U.S.dollar depreciates against the euro, for U.S.citizens,

• A)Living or traveling in Europe becomes more expensive.
• B)Living or traveling in Europe becomes cheaper.
• C)The cost of living or traveling in Europe remains the same.
• D)It takes fewer U.S.dollars to purchase the same amount of European goods.

---

Definitions:

Wage Rate

The wage rate is the amount of money paid for a specific quantity of labor or service, often expressed per hour, day, or piece.

Purely Competitive

A market structure characterized by a large number of firms producing homogeneous products with no single firm influencing the market price or supply.

Variable Input

An input in the production process that changes in quantity with variations in the level of output.

Purely Competitive

Market structures characterized by a large number of small firms, a homogeneous product, and easy entry and exit that ensures no single buyer or seller can influence the market.